VOL. 129 | NO. 23 | Tuesday, February 04, 2014
Memphis Real Estate Recap
Smucker Files $16 Million Permit for Plant Expansion
By Eric Smith
4789 Cromwell Ave., Memphis, TN 38118
4789 Cromwell Ave.
Memphis, TN 38118
Permit Cost: $16 million
Project Cost: $41 million
Permit Date: Applied January 2014
Owner: The J.M. Smucker Co.
Tenant: The J.M. Smucker Co.
Details: The J.M. Smucker Co. has filed a $16 million permit with the city-county Office of Construction Code Enforcement as part of its planned plant expansion at 4789 Cromwell Ave. in Oakhaven.
No contractor or architect was listed on the permit, which is the first in Smucker’s plan to invest $41 million to upgrade its peanut butter production lines.
The Economic Development Growth Engine of Memphis and Shelby County in mid-January unanimously granted the Orrville, Ohio-based company an amended PILOT on for 15 years on personal property and 13 years on real property.
In addition to 42 new positions, which will have an average wage of $52,545, created through the expansion, Smucker will maintain its existing 61 employees.
The approved tax freeze will save Smucker $13 million, but the company will still pay an estimated $16.2 million in taxes to the city and county over the length of the PILOT. The company said 25 percent of the company’s planned $21.5 million in discretionary spending will be with women- and minority-owned businesses.
126 Beale St.
Memphis, TN 38103
Permit Cost: $2.5 million
Project Cost: TBA
Permit Date: Applied January 2014
Owner: Belz Enterprises
Tenant: Hard Rock Cafe International (USA)
Contractor: W.G. Yates & Sons Construction Co.
Details: Hard Rock Cafe International (USA) has filed a $2.5 million permit with the city-county Office of Construction Code Enforcement for interior renovations at 126 Beale St.
The restaurant, bar and live music venue will depart its current location at 315 Beale St. and move to the Lansky Bros. building at Second and Beale, according to recent reports in The Commercial Appeal.
The permit lists Hard Rock as the tenant and Belz Enterprises as owner. Technically, the owner is BJHA LLC, which is affiliated with the Lansky family.
Built in 1904, the 24,512-square-foot building sits on 0.8 acres and formerly housed EP Delta Kitchen & Bar, which closed in 2008. The Shelby County Assessor of Property’s 2013 appraisal was $1.3 million.
Philadelphia, Miss.-based W.G. Yates & Sons Construction Co., which has an office on Poplar Avenue, is general contractor for the project.
3815 S. Houston Levee Road
Collierville, TN 38017
Loan Amount: $1.7 million
Loan Date: Jan. 2, 2014
Maturity Date: Jan. 15, 2021
Borrower: Roller Properties LLC
Lender: Community Bank, North Mississippi
Details: The owner of Cecil’s Automotive at 3815 S. Houston Levee Road in Collierville has filed a $1.7 million loan on the property.
Roller Properties LLC filed the deed of trust Jan. 2 through Community Bank’s North Mississippi branch in Hernando. Bradley Roller and Cecil Roller signed the deed as members of the borrower.
Built in 2010, the 6,121-square-foot auto service garage sits on an acre along the west side of South Houston Levee Road south of its intersection with Winchester Road.
The Shelby County Assessor of Property’s 2013 appraisal was $1 million.
Olive Branch-based Roller Properties bought the property in 2009 for $695,000 from Kevin J. Hyneman.
2435 Whitten Road
Memphis, TN 38133
Loan Amount: $1.1 million
Loan Date: Jan. 24, 2014
Maturity Date: Jan. 24, 2029
Borrower: GPG Development Co.
Lender: Landmark Community Bank
Details: The owner of the 14,136-square-foot retail center at 2435 Whitten Road in Northeast Memphis has filed a $1.1 million loan on the property.
GPG Development Co. filed the deed of trust, assignment of rents and security agreement Jan. 24 through Landmark Community Bank.
The following joint venturers signed the deed on behalf of the borrower: Ken Garland Jr., Mark E. Pugh, Michael R. Pugh, Timothy L. Pugh, and Arminta L. Pugh.
Built in 2002 and home to Medicap Pharmacy, Pugh’s Flowers and Signs First, the Class A strip shopping center sits on 2.7 acres on the west side of Whitten Road between Reese and Elmore roads.
The Shelby County Assessor of Property’s 2013 appraisal was $1.4 million.